Jennison Associates LLC Invests $818,000 in Magnite, Inc. (NASDAQ:MGNI)

Jennison Associates LLC bought a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 51,373 shares of the company's stock, valued at approximately $818,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in MGNI. Quarry LP grew its stake in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after purchasing an additional 4,508 shares during the period. KBC Group NV grew its position in shares of Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company's stock worth $95,000 after buying an additional 2,374 shares during the period. Blue Trust Inc. increased its stake in shares of Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock worth $105,000 after acquiring an additional 3,689 shares in the last quarter. Lebenthal Global Advisors LLC bought a new position in shares of Magnite in the 3rd quarter worth about $141,000. Finally, Vicus Capital purchased a new position in Magnite during the 3rd quarter valued at about $164,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Insider Buying and Selling at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $33,633.60. Following the transaction, the chief accounting officer now owns 112,795 shares in the company, valued at $1,759,602. This represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Lee Soroca sold 7,849 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $122,444.40. Following the completion of the transaction, the insider now directly owns 421,347 shares in the company, valued at approximately $6,573,013.20. The trade was a 1.83 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 566,458 shares of company stock worth $10,135,410. Insiders own 4.30% of the company's stock.

Magnite Stock Performance

MGNI traded down $0.55 during midday trading on Monday, hitting $20.62. 3,932,388 shares of the company traded hands, compared to its average volume of 2,228,150. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company's 50-day moving average is $16.74 and its 200 day moving average is $14.69. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29. The firm has a market capitalization of $2.90 billion, a PE ratio of 343.67, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.09). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $162.00 million during the quarter, compared to analysts' expectations of $147.94 million. During the same quarter in the prior year, the business posted $0.02 EPS. On average, research analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price objective on the stock. Wolfe Research upped their price target on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Royal Bank of Canada lifted their price objective on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. Finally, Needham & Company LLC restated a "buy" rating and set a $20.00 price target on shares of Magnite in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $18.35.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.